The 'Perfect' Family Meeting

Third, consider what other personal or professional trusted advisors are involved in this family's life and, with the family's permission, incorporate them into your process-either by talking to them ahead of time to get their perspective and/or having them present at the meeting.

Fourth, where possible, always pick a neutral location for the family meeting: for example, a hotel or country club conference room, or the conference room of the advisor. I recommend avoiding the family business conference room (especially if not everyone in the family is working in the business) or a family member's home, unless the family agrees to rotate having the family meeting at each family member's home.

Lastly, have a clear agenda for the meeting, establish ground rules for the meeting, end each meeting with a plan of action, and host at least one family meeting a year for each family.

I trust that if you offer family meetings to the families you serve, you will expand your value and as a result expand your business. At the same time, you will be part of the greater cause to help families break the "shirtsleeves-to-shirtsleeves" phenomenon that sees so many family wealth transfer plans end in failure.

The Family Meeting Abroad
There's no question that holding regular family meetings can deliver myriad benefits to everyone involved and that the location chosen for such get-togethers can greatly influence the tone and atmosphere of the meetings. John Morris, CEO of True Latitudes, a boutique travel consultancy for the ultra-affluent, says, "An overseas destination can add a whole level of enrichment to an already important milestone event." Below are just some of the opportunities Morris believes await families around the globe.
Tracing the family heritage and story back to a particular place or country.
Understanding and appreciating the family's religious history first-hand.
Exposing family members to other cultures, languages, cuisines, art, architecture, dance, literature and music.
Comparing other political and economic environments to the family's primary country of residence.
Meeting similar families and businesses in other parts of the world.
Learning about the countries and people with whom the family business will compete in coming years.
Engaging in philanthropic activities with site visits and volunteer work.
Planning an event at a far-off location where everyone needs to be transported to, housed, fed, educated and entertained obviously entails considerable expense, but is an ingenious way to reinvest the family's financial capital in its human capital. Morris says, "Using the family's resources to stage such a special meeting underscores the importance of the family and its heritage. It's a demonstration of the family's commitment to building its governance, leadership and legacy transferring values across generations." Morris also notes that travel experiences are typically among the most vivid and valuable memories. "Combining travel with a family meeting can turn the event into an key benchmark for the participants and creates the kind of shared memories that will cement bonds between family members and provide a critical foundation for the family's growth and evolution."-Hannah Shaw Grove